Can't seem to find anything on the internet or the IRS Publication 523 that says how LONG one needs to work for the employer to get the reduced tax benefit.
2007-03-11 16:25:24 · 3 answers · asked by bboltmail 2 in Business & Finance ➔ Taxes ➔ United States
Did you lose your old job? That is a good enough reason to get the exclusion.
You can't get the deduction for moving expenses if you quit your new job after one week. But if you have relocated because of a change in employment, you get the exclusion on the sale of your home, pro-rated for the time you actually lived in the home.
2007-03-11 17:09:48 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
If you live in your home for more than 5 years and you are over 55, you can claim a one time exemption to all gains on your home.
I would imagine that if at the time of filing, you met the qualifications for reduced capital gains taxes, you would be covered.
2007-03-11 16:34:24 · answer #2 · answered by David L 6 · 0⤊ 3⤋
I believe there is a clause in there somewhere, or you have found a huge loophole! :-) Speak to your tax professional about this. Great question.
2007-03-11 16:29:15 · answer #3 · answered by carmensellsthehighdesert 3 · 0⤊ 0⤋